Education

Dominus Finds Combination for Lockmasters

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Dominus Capital has acquired Lockmasters in partnership with the founding Miller family.

Lockmasters is a manufacturer and distributor of combination locks, tools, hardware, and educational services to government and security professionals, including automotive locksmiths, general locksmiths, and safe and safety deposit box locksmiths. According to the company, it is the leading supplier of combination and safe deposit locks in the United States.

Lockmaster’s educational seminars are branded under the Lockmasters Security Institute and provide training and certification services with courses such as Professional Locksmithing, GSA Authorized Safe & Vault Technician & Inspector Certification, Safe Deposit Box Lock Servicing, and Electronic Safe Lock Servicing.

Lockmasters was founded in 1955 by the Miller family and is headquartered just south of Lexington in Nicholasville, Kentucky (a commercial hub of the lock industry) with an additional facility in Annapolis Junction, Maryland.

The Miller family has been active in the lock industry since 1920 when John C. Miller began working for Diebold Safes. John Miller’s son, Harry Miller, was a lock inventor and safecracker. In 1941, he launched the Lockmasters Security Institute where he taught safecracking and lock-picking to FBI agents and other law enforcement officers. After World War II, he invented the first manipulation-proof lock, which was manufactured by lock-maker Sargent & Greenleaf (S&G). In 1953 he became the president and owner of S&G. Stanley Black & Decker acquired the Nicholasville, Kentucky-headquartered company in 1980 and OpenGate Capital acquired S&G in June 2019.

Lockmasters, led by CEO Mark Miller, is the grandson of Harry Miller. “This next chapter for Lockmasters comes with renewed energy and optimism,” said Mr. Miller. “The industry knows us for our innovative products, technical expertise, hands-on training and customer service. We are excited for the immense growth opportunities our Dominus partnership affords our team and customers. In our 65th year, we are happy to celebrate a new beginning.”

“We are looking forward to partnering with the Miller family and Lockmasters’ team to support the company’s continued growth,” said Bob Haswell, founding partner at Dominus Capital. “The family founders have built a differentiated model with a focus on innovative products, customer service, and technical expertise. We are excited about the opportunities ahead for the company, both organically and through add-on acquisitions.”

New York-based Dominus Capital makes control equity investments in North American-based middle market companies that have at least $10 million of EBITDA. Sectors of interest include business services, consumer products and services, and light industrial. Dominus Capital was founded in 2008.

Private Equity Professional | September 11, 2020

Leeds Closes Buy of Endeavor Schools

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Leeds Equity Partners, a specialist investor in the educations sector, has acquired Endeavor Schools. Endeavor operates 37 schools in 9 states and educates more than 6,400 students from preschool through high school.

Endeavor was founded by its CEO Ricardo Campo in 2012 with the acquisition of two schools outside of Atlanta. Since then, the company has partnered with over 20 different school owners and operators to create a network of schools in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio, Oregon and Texas.

The schools operate under 17 different local brands and include 19 Montessori schools. Endeavor is actively seeking to acquire and build new schools in its core markets. The company is headquartered in Miami (www.endeavorschools.com).

“Ricardo and his team have an unwavering focus on educational quality,” said Scott VanHoy, Managing Director of Leeds Equity Partners. “The company empowers educators to reach their highest potential. We could not be more excited about this new partnership.”

“Leeds Equity has, without doubt, incomparable sector experience; but it also has an extraordinary history of committing in word and in deed to working side-by-side with enterprises to help them grow and constantly innovate and improve. We look forward to a rewarding partnership that will benefit our students, their families, our educators and staff,” said Mr. Campo.

Leeds Equity Partners is focused exclusively on investing in the education, training and information services industries.  The firm was founded by Jeffrey Leeds and Robert Bernstein in 1993 and has raised and managed more than $1.5 billion of capital across six funds.  The firm is located in New York (www.leedsequity.com).

“We have gotten to know Ricardo over the past three years and have watched him and the Endeavor team continue to deliver on their plans to expand Endeavor across the US while enhancing the company’s educational offering,” said Christopher Mairs, Principal of Leeds Equity Partners.  “We are thrilled to formalize our partnership with the team at Endeavor and to provide support for their mission over the coming years.”

The acquisition of Endeavor is the fourth transaction for Leeds Equity Partners VI LP, the firm’s most recent fund.

© 2018 Private Equity Professional | February 22, 2018

Warburg  Sells ACAMS to DeVry

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Warburg Pincus has agreed to sell the Association of Certified Anti-Money Laundering Specialists to Becker Professional Education, a subsidiary of DeVry Education Group, for $330 million. DeVry expects the company to generate fiscal 2017 revenues of approximately $40 million and will fund the purchase price through a combination of cash on hand and senior debt. The transaction is expected to close in July 2016.

Association of Certified Anti-Money Laundering Specialists (ACAMS) was acquired by Warburg Pincus in 2005. The company is the largest international membership organization focused on anti-money laundering and financial crime detection.

ACAM members – totaling more than 30,000 – include both public and private sector professionals including anti-money laundering officers; compliance officers; government regulators; law enforcement and intelligence agents; internal and external auditors; attorneys; accountants; and consultants among others.  ACAMS provides it members with anti-money laundering services including advanced certification, subscription to ACAMS Today, international conferences, full day seminars, web seminars, and customized training. According to ACAM, its Certified Anti-Money Laundering Specialist (CAMS) is the most widely recognized anti-money laundering certification in the world.

ACAMS is headquartered in Miami with additional offices in New York, London, Paris, Tokyo, Hong Kong, Beijing, New Delhi, and Singapore (www.acams.org) (www.moneylaundering.com).

Becker Professional Education (BPE) is a provider of professional education to the accounting, project management and healthcare professions. BPE was founded in 1957 by Newt Becker and was acquired by DeVry (NYSE:DV) in 1996. The company is led by its president, John Roselli, and is headquartered in the Chicago suburb of Downers Grove, IL (www.becker.com).

Warburg Pincus has more than $40 billion in assets under management and has raised 15 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo and Shanghai (www.warburgpincus.com).

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-25-16

Levine Leichtman Acquires Justin Craig Education

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Mander Portman Woodward, a portfolio company of Levine Leichtman Capital Partners (LLCP), has acquired Justin Craig Education, one of the United Kingdom’s leading exam preparation and tutoring businesses.

Mander Portman Woodward (MPW) is a provider of private education for students in their transition from secondary school into UK universities.  MPW offers courses to over 1,000 students each year at its London, Cambridge and Birmingham campuses. MPW was founded in 1973 and is based in London (www.mpw.co.uk).

The addition of Justin Craig (www.justincraig.ac.uk) to MPW’s educational offerings and revision courses will allow Justin Craig to leverage MPW’s resources and expertise to accelerate growth and bring the Justin Craig brand into new schools and markets throughout the UK.

“The Justin Craig acquisition is an important strategic addition to the MPW platform, which will broaden the company’s educational offerings and provide yet another growth avenue for MPW,” said Lauren Leichtman, Co-Founder and CEO of LLCP.  “The transaction will be highly accretive and will provide value to all of MPW’s stakeholders.”

Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. Prior investments by LLCP include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group, and Luminator Technology Group.  The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-31-14

Morgan Stanley Exits Learning Care

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Morgan Stanley Global Private Equity has completed the sale of its majority interest in Learning Care Group (US) to American Securities. Learning Care Group is the second-largest provider of early childhood care and education services in the US.

“We are pleased with the outcome of this investment, which was the result of partnering Morgan Stanley Global Private Equity’s operating-focused investment strategy with world-class executives to build a leading provider of early childhood education,” said Jim Howland, Managing Director and Operating Partner of Morgan Stanley Global Private Equity.

Learning Care Group provides early education and child care services to children ages 6 weeks to 12 years.  The company operates more than 900 schools (corporate and franchised) across 36 states, the District of Columbia and internationally, and has a system-wide capacity to serve more than 100,000 children.  Learning Care Group operates under five brands: La Petite Academy, Childtime, Tutor Time, The Children’s Courtyard, and Montessori Unlimited. The company is headquartered near Detroit in Novi, MI (www.learningcaregroup.com).

“Learning Care is a great fit for our strategy of investing in market-leading companies,” said Kevin Penn, Managing Director at American Securities.  “We believe that Learning Care Group’s industry leadership, combined with its exceptional management team, positions the company for strong growth.”

American Securities invests in businesses with $500 million to $2 billion of revenues. Investments are undertaken with conservative financial structures that typically include only equity and senior debt. The firm aims to invest $150 million to $500 million of equity capital in each portfolio company. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $10 billion of capital under management and is currently investing from its sixth fund. American Securities has offices in New York and Shanghai (www.american-securities.com).

“Morgan Stanley Global Private Equity has been a highly valued partner during the past six years as we expanded our proprietary early childhood education programs and further sharpened our focus on providing outstanding customer service to the families in our care,” said Barbara Beck, Chief Executive Officer, Learning Care Group.

Morgan Stanley Global Private Equity, part of Morgan Stanley Investment Management, makes private equity and equity-related investments of $75 million to $150 million in companies with enterprise values of $100 million to $1 billion. To date, Morgan Stanley Global Private Equity and its affiliated funds have invested over $6 billion of equity across a variety of industries. The firm is based in New York (www.morganstanley.com/privateequity).

BofA Merrill Lynch and BMO Capital Markets acted as financial advisors to Learning Care Group.

© 2014 PEPD • Private Equity’s Leading News Magazine • 5-6-14

Spire Capital Acquires Surgent Tax & Accounting Education

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Spire Capital has acquired Surgent Tax & Accounting Education, a provider of continuing education for accounting, auditing and taxation professionals, in partnership with the company’s management team. This is the first investment made by Spire Capital Partners III, LP.

Surgent Tax & Accounting Education is a provider of professional education and career training services for the accounting, auditing and taxation industries. In 2013, Surgent will serve more than 105,000 professionals in 50 states through its web based and on-site educational products. Surgent was founded in 1985 and is headquartered in the Philadelphia suburb of Devon (www.cpenow.com).

“We see tremendous opportunity with the Surgent business,” said Bruce Hernandez, Partner of Spire Capital. “The company has developed strong relationships with state accounting societies across the country since its founding while successfully innovating and growing new products and delivery methods. For example, Surgent will grow its recently introduced webinar annual subscriptions by greater than 100% in 2013. With strong management led by Jack Surgent and our demonstrated investment expertise in the education industry, we believe we can build on Surgent’s history and reputation to become the leading accounting education technology business serving state accounting societies, public accounting firms and industry accounting professionals.”

Spire Capital Partners invests from $15 million to $40 million in companies with revenues of at least $10 million and EBITDAs of $5 million. Sectors of interest include business services, information services, media, education and communications. Spire Capital Partners is led by partners Andy Armstrong, Bruce Hernandez, David Schaible and Sean White. The firm was founded in 2000 and is based in New York with an additional office in West Conshohocken, PA (www.spirecapital.com).

“I am very excited to continue leading Surgent as a valued partner to our state accounting society associations and to grow our public accounting firm offering which includes enhanced curriculum for various experience levels, comprehensive subject matter breadth and a foundational technology platform for our clients to utilize,” said Jack Surgent, Chief Executive Officer of Surgent. “Our goal has always been to provide the best quality content and education in the industry. Partnering with Spire will provide the strategic focus and resources needed to fuel our growth in the coming years.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 12-20-13

Palamon Exits Cambridge Education Group

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Palamon Capital Partners has agreed to sell its majority equity interest in Cambridge Education Group (CEG) to Bridgepoint. The sale will generate a return on investment for Palamon of 14.6 times, with a capital gain of £141 million and an IRR of 58%.

Cambridge Education Group is a provider of pre-university foundation programs and English language training principally to foreign students seeking to attend UK universities. Operating under the CATS College, Cambridge School of Visual & Performing Arts, Foundation Campus and Stafford House brands, CEG offers high school, creative arts, English language and on-campus pathway programs to students from 95 different countries. CEG is headquartered in Cambridge, UK (www.cambridgeeducationgroup.com).

Having identified the growing attractiveness of British education to international students, Palamon acquired CEG in 2007 in partnership with a new management team led by Fergus Brownlee. Since that time, CEG has increased revenue organically by a factor of five to £90 million by expanding its teaching capacity. The number of students taught on an annual basis has increased from 460 at the time of investment to more than 3,000 today.

“We are very proud of having played an important part in building CEG into a leading brand with a dominant position in the education sector,” said Louis Elson, Managing Partner at Palamon. “This is a classic ‘breakaway’ Palamon investment. We identified an unusual opportunity in a small business context with strong potential and combined it with exceptional management talent to deliver explosive long-term growth. I speak for the various Palamon team members who conceived and transacted on the CEG investment, including Dan Mytnik who gave invaluable guidance to the company throughout its development, in recognizing the great achievement of CEO Fergus Brownlee and his Chairman Stephen Warshaw. We wish Fergus and his team continued success with their new partners.”

Palamon Capital Partners was established in 1999 and makes investments of between €10 million and €80 million in service-orientated businesses throughout Europe. Particular areas of interest include: media and communications; financial services; leisure and entertainment; business services; information technology; and healthcare. The firm has €1.3 billion of funds under management and is based in London, UK (www.palamon.com).

The sale of CEG is Palamon’s sixth exit from its €670 million 2006 fund, Palamon European Equity II, which to date has generated cash proceeds of €660 million and a 3.6x return and 28% IRR on fully realized investments. Palamon II still has 11 companies remaining in its portfolio, including; Retail Decisions, a global fraud prevention provider for card-based and on-line transactions; IDH, the largest NHS dental practice group in the UK and OberScharrer Group, an ophthalmic healthcare business in Germany.

“We are delighted with what we have been able to achieve during the past seven years with the close and supportive collaboration of our partner, Palamon,” said Fergus Brownlee, Chief Executive of CEG. “We have taken CEG from being a small UK platform to a market leading brand with an international presence and are now looking forward to working with Bridgepoint to capture the next stage of growth.”

Bridgepoint typically acquires businesses valued between €200 million and €1 billion in a range of sectors. The firm has offices in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and a portfolio development office in Shanghai (www.bridgepoint.eu).

© 2013 PEPD • Private Equity’s Leading News Magazine • 12-4-13

Renovus, Argosy, and BB&T Acquire Linkage

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Renovus Capital Partners, Argosy Private Equity and BB&T Capital Partners have invested in Linkage, a provider of leadership training programs, to fund the acquisition of the company from Prospect Partners which acquired the company in July 2008.

Linkage is a global provider of organizational and leadership development and training programs, services and products for executives and senior managers. It offers a broad line of resources to help organizations and their employees become more efficient, effective and productive in addressing a variety of leadership, human resources, and organizational challenges. In addition to providing customized training and development programs, the company also has created and runs three annual institutes focused on leadership: the Global Institute for Leadership Development (“GILD”), Women in Leadership (“WIL”) and the Institute for Leading Diversity & Inclusion (“ILDI”). Since 1988, Linkage has provided training and development to more than 250,000 leaders from 67 countries. Linkage’s customers include Allstate, Boeing, Coca-Cola, McKesson, Procter & Gamble and Toyota. Linkage has five offices in the US, as well as locations in 15 countries throughout Europe, Asia Pacific, South America, the Middle East and Africa. Linkage is headquartered in Burlington, MA (www.linkageinc.com).

“This transaction provides a great opportunity for Linkage to continue its history of success,” said Phil Harkins, Linkage’s CEO and founder. “In addition to capital, our new partners bring an in-depth understanding of the training industry and will support management as we pursue amazing opportunities for future growth.”

Renovus Capital Partners invests from $5 million to $15 million in education related companies that have less than $10 million of EBITDA. Within education, sub-sectors of interest include schools, training, content providers, technology, and services. Renovus is currently investing its first fund, a $180 million SBIC fund focusing on small and mid-sized businesses within the education and training sector. To date, the fund has invested over $65 million in six portfolio companies in verticals such as corporate training, career colleges, and technology enabled content. Renovus was founded in 2010 and is based in Wynnewood, PA, a suburb of Philadelphia (www.renovuscapital.com).

Argosy Private Equity invests from $4 million to $10 million in lower middle market companies with revenues of $15 million to $100 million and EBITDAs of $3 million to $9 million. Sectors of interest include manufacturing, business services, value-added distribution and franchising. The firm is located in Wayne, PA (www.argosycapital.com).

BB&T Capital Partners manages over $725 million in committed capital across three funds which are all focused on the middle market. The firm makes direct equity investments in control transactions of privately-held companies; provides subordinated debt or mezzanine capital in support of transactions led by financial sponsors and others; and invests in other private equity funds. BB&T is an investment arm of BB&T Corporation and principally targets companies in business, government, healthcare and industrial services, niche manufacturing, value-added distribution and education. The firm was founded in 1998 and is based in Winston-Salem, NC (www.bbtcp.com).

DLA Piper advised the buyers on the transaction while Lincoln International and Sidley Austin advised Linkage.

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13

Mainsail Partners Invests in Netchemia

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Mainsail Partners has made a $6.5 million investment in Netchemia, a provider of cloud-based talent management software for K-12 school districts and institutions. The majority of the $6.5 million investment will be used to accelerate Netchemia’s growth and expand the company’s product offering.

“We are excited to announce a partnership with Mainsail and the next phase of our company’s growth,” said Netchemia co-founder and CEO Carlos Antequera. “This investment will allow Netchemia to accelerate its product development and team-building plans. It was important for us to find an investor who shared our vision and had extensive company-building experience.”

Netchemia is a provider of cloud-based talent management software specifically developed for K-12 educational organizations. The company’s products are used to recruit, hire, develop and retain teachers and school leaders. More than 1,100 K-12 school districts and institutions in 42 states—ranging in size from fewer than 100 students to those with tens of thousands of students—use Netchemia’s software-as-a-service platform. Netchemia was founded in 2001 and is based in Prairie Village, KS, a suburb of Kansas City (www.netchemia.com).

“Carlos and his team recognized the opportunity to leverage technology to improve the process of managing talent for school administrators,” said Stephen Wolfe, a Mainsail Partners principal. “We have a great deal of respect for entrepreneurs like Carlos who have proven they can grow their businesses rapidly and do so profitably. We look forward to working with the team to build the leading K-12 talent management platform.”

Mainsail Partners invests from $5 million to $15 million in companies that are located in the United States and Canada with revenue of $4 million to $50 million and EBITDA of $1 million to $8 million. The firm was founded by Gavin Turner and Jason Payne in 2003 and is based in San Francisco (www.mainsailpartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-3-13

High Road Capital Partners Acquires Tricore

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Dowden Medical Communications Group, a portfolio company of High Road Capital Partners, has acquired Tricore, a provider of learning products for the pharmaceutical and life sciences sectors. Tricore’s owners, Bruce Haghighat and Omar Shoheiber, made a significant investment in the transaction along side High Road.

Tricore is a provider of educational, marketing, and training products used by pharmaceutical and life science companies. The company was founded in 1994 and is based in Princeton, NJ (www.tricoreinc.com).

“Pharmaceutical companies are increasingly relying on third-party firms for their professional development needs. Tricore’s expertise in creating learning modules in the areas of sales training, marketing and compliance complements Dowden Medical’s content and marketing services that help pharmaceutical companies educate physicians about their products,” said Bruce Guzowski, Chief Executive Officer of Dowden Medical. “We can now offer fully integrated and complementary solutions to broaden and deepen our client relationships across the combined company.”

The acquisition of Tricore is the second add-on acquisition for Dowden Medical. In November 2012, the company acquired QD Healthcare Group, a provider of scientific content development, promotional medical education and marketing services to the pharmaceutical and biotechnology industries.

Dowden Medical provides scientific content development, promotional medical education and related marketing services to the pharmaceutical and biotechnology industries. The company has four operating subsidiaries: Medical Decision Point (www.medicaldecisionpoint.com); Convergent Health Solutions (www.convergent-health.com); eCrossings Media (www.ecrossingsmedia.com); and QD Healthcare (www.qdhealthcare.com). Dowden Medical is headquartered in Montvale, NJ (www.dowdenhealth.com).

“Life sciences companies have increasingly complex therapies in their pipelines, and must navigate complicated and changing regulatory and payer environments. The need for trustworthy, high-quality employee and physician education has never been greater. Dowden Medical and Tricore are well positioned for growth, with cutting-edge, interactive multimedia training modules and medical communications services for pharmaceutical, biotechnology and medical device companies,” said Jeff Goodrich, a High Road Partner.

High Road Capital Partners invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. High Road was formed in 2007 and currently manages over $150 million of committed capital. High Road has completed 18 transactions – eight platform investments and eleven add-on acquisitions – for its debut fund, High Road Capital Partners Fund I, LP. The firm is based in New York, NY (www.highroadcap.com).

Working on this transaction from High Road were Partners Jeff Goodrich and Jerry Anderson, Principal Ben Schnakenberg, and Senior Associate Paul Langley.

Financing for this transaction was provided by Fifth Third Bank. Capstone Partners was the financial advisor to advised Tricore.

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-2-13

Sterling Partners Acquires Spartan College of Aeronautics and Technology

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Sterling Partners has acquired Spartan College of Aeronautics and Technology from majority owners John Walker, Blaine Walker and Justin Walker.

Spartan College of Aeronautics and Technology is an aviation-maintenance school for training pilots, aviation technicians and nondestructive testing professionals.  The school is a bachelor’s degree-granting institution and has graduated approximately 90,000 alumni from all 50 states and 62 foreign nations since its founding in 1928.  Spartan is based in Tulsa, OK (www.spartan.edu).

Spartan president and CEO Jeremy Gibson will maintain an ownership stake in the business and will continue in his post.  “Although I was approached by several firms, we chose Sterling Partners because of its deep experience in building top-quality institutions,” said Mr. Gibson, who has been Spartan’s president and CEO since April 2007.  “Sterling will help us develop Spartan’s infrastructure more quickly and help us expand to new regions, while continuing to contribute to the increased global demand for aviation and nondestructive testing technicians.”

“We believe Spartan is a clear leader in the aviation and nondestructive testing higher education space, with a decades-long reputation for high-quality education and a very strong job placement record.  It exemplifies Sterling Partners’ focus on investing in education institutions that provide excellent outcomes for their students,” said Jason Rosenberg, a Sterling Partners principal.  “Spartan students get great jobs, and there will be a significant shortage of aviation technicians, pilots and nondestructive testing professionals in this country and abroad.  Spartan stands uniquely qualified to help meet the needs of the industry by continuing to produce skilled graduates. We look forward to partnering with Spartan CEO Jeremy Gibson to continue to build Spartan and help meet the growing needs of the industry.”

Sterling Partners invests growth capital in industries with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals. Sectors of interest include education, healthcare and business services. The firm has offices in Chicago, Baltimore, and Miami (www.sterlingpartners.com).

Sun Life Assurance Company of Canada provided senior debt financing for the acquisition.

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-9-13

Riverside Acquires Digital University

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OnCourse Learning, a portfolio company of The Riverside Company, has acquired Digital University, an online bank and credit union regulatory compliance training company.  “Digital University is a perfect fit for OnCourse,” said Riverside Managing Partner Loren Schlachet. “It offers an outstanding set of courses and has a deep and valuable customer base. Digital University is a highly complementary addition to OnCourse.”

Digital University provides courses on regulatory compliance, customer service, back office, and management skills for its more than 1,000 bank, credit union and utility clients. The company is based in San Diego (www.digitu.com).

Working on the transaction with Mr. Schlachet from Riverside were Principal Brian Sauer, Associate Grady McConnell, Operating Partner David Logan and Finance Director David Pecore.

OnCourse is a holding company established to build a multi-industry professional training provider. It currently consists of three companies: (i) American Home Inspector Training Institute provides pre-licensing training; (ii) Specialized Solutions is a provider of self-paced e-learning courses for IT professionals preparing for certification exams; and (iii) TrainingPro provides mortgage education for brokers and loan officers.  The company has offices in Waukesha, WI and Clearwater FL (www.oncourselearning.com).

The acquisition of Digital University is the sixth add-on to OnCourse. The other additions to OnCourse were QuickCert.com (2007), American Home Inspectors Training Institute (2007), TrainingPro (2008), ProSchools (2010), and CompuTaught (2012).

“Financial institutions face a complex and increasingly demanding regulatory environment,” said OnCourse CEO Patrick Sheahan. “We see a strong growth future for this area of training, and we’re thrilled to be acquiring such a strong player in the field.”

US Bank provided financing for the transaction. Jones Day provided legal counsel on the transaction, and McGladrey provided accounting due diligence.

The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $200 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 300 transactions with a total enterprise value of more than $6 billion. The firm is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-12-12

TowerBrook Capital Partners Invests in Vistage International

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TowerBrook Capital Partners has acquired a majority interest in Vistage International, a for-profit peer-advisory membership organization of CEOs and business executives. Education Growth Partners co-invested with TowerBrook in this transaction.

“TowerBrook and Education Growth Partners both have a track record of success in helping grow the companies they invest in. I am confident that they understand and appreciate the distinct value Vistage provides to CEOs and other senior executives through our professionally-facilitated peer-advisory experience, and I am eager to work with both firms to help facilitate the next phase of Vistage’s growth and expansion,” said Rafael Pastor, CEO of Vistage.

Vistage International is a peer-advisory membership organization serving more than 16,000 CEOs and senior level executives in 15 countries. Vistage members participate in professionally-facilitated peer-advisory board meetings, receive one-to-one coaching, learn from expert speakers, and interact among a global network of business leaders from a broad range of industries. The company was founded in 1957 as TEC (The Executive Committee) and is based in San Diego (www.vistage.com).

“Vistage is a high-quality, market-leading business with a strong and loyal membership base and an excellent management team. We believe the company has tremendous potential, and we look forward to helping to grow this unique community of Chairs, members and speakers both in the U.S. and internationally,” said Brian Jacobsen, Managing Director of TowerBrook.

TowerBrook Capital Partners has $4.5 billion of capital under management and makes control investments in large and middle market companies located in North America and Europe. The firm has offices in New York, London, and San Francisco (www.towerbrook.com).

Education Growth Partners was founded in 2010 by education investors Peter Campbell and Christopher Curran. The firm makes investments of $5 million to $30 million in companies with at least $5 million of annual revenue in the Pre-K12, higher education, corporate training and lifelong learning sectors. Education Growth Partners has offices in Stamford, CT and Boston, MA (www.edgrowthpartners.com).

“The Vistage team has built an exceptional business and community. We are excited to partner with TowerBrook and Vistage management to continue to strengthen and grow the business and the community,” said Peter Campbell, Managing Partner of Education Growth Partners.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-1-12

Wicks Group Acquires Southern Technical College

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The Wicks Group has acquired Southern Technical College, a Florida-based Title IV post secondary institution.

Southern Technical College is a privately owned post secondary technical college with six campuses in central Florida offering six different career and academic programs to over 1,000 students. Programs include Medical Assisting, Medical Billing and Coding, Applied Electronics Technology – HVAC, and Electrical Trades. Southern Technical College is based in Orlando (www.southerntech.edu).

The Wicks Group manages private equity funds that invest in selected segments of the information, education, and media industries. The firm has invested in companies that are active in educational publishing, educational services, database and information services, affinity marketing services, consumer publishing, medical information services, radio and television broadcasting, outdoor advertising, and cable television distribution. Since its founding in 1989, Wicks has invested over $1 billion of capital in 28 platform companies and approximately 100 add-on acquisitions. The firm is based in New York (www.wicksgroup.com).

MidCap Advisors, led by John Parnell, a Managing Director and head of the firm’s Education Practice Group, advised the Euliano family, owners of Southern Technical College, in the sale to Wicks. “This transaction would not have happened without an incredible amount of guidance and support from John Parnell and MidCap Advisors. Retaining him as an advisor was integral to completing this deal,” said John Euliano, who founded Southern Technical in 2000.

MidCap Advisors specializes in providing small and mid-size companies with mergers and acquisitions services, capital raising, business valuations, and strategic advice. The firm has offices in New York, Chicago, San Francisco, Philadelphia, Kansas City, Charlotte, Charleston and Boston (www.midcapadvisors.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-25-12

Summer Street Invests in Midwest Technical Institute

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Summer Street Capital Partners has made an investment in Midwest Technical Institute, a private, post-secondary school. This transaction is Summer Street’s third platform investment in the post-secondary career school industry and the second investment in their third fund.

Brian Huff, founder of Midwest Technical Institute (MTI), will continue to serve as the school’s President and CEO. “MTI and Summer Street share an innate commitment to the success of students and compliance. Our mutual values, along with their industry experience and collaborative approach made Summer Street the right fit. Our partnership will help MTI expand our program offerings at existing campuses, and establish new greenfield campuses across the Midwest,” said Mr. Huff.

Midwest Technical Institute is a private, post-secondary school providing career education in the fields of welding, HVACR, allied health and cosmetology with five campuses across Illinois and Mississippi with over 1,900 enrolled students. MTI is accredited by the Accrediting Commission of Career Schools and Colleges and is based in Springfield, IL (www.midwesttech.edu).

“MTI’s team is dedicated to enriching the lives of their students by providing career-driven education. This outstanding commitment has earned the school its extraordinary success and reputation,” said Michael McQueeney, Summer Street Managing Partner and co-lead of the firm’s Post-Secondary Career School Investment Team. “We look forward to building upon a quality educational institution that empowers students, giving them the knowledge and skills to get a better job and build a career.”

Summer Street Capital Partners has approximately $500 million of committed capital focused on investing in small-market companies. Equity investments typically range from $15 million to $50 million in companies with annual revenues of less than $200 million. The investment team is complimented by a team of operating partners who are involved in assisting portfolio companies. The firm is located in Buffalo, NY (www.summerstreetcapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-12-12

Leeds Equity Partners Acquires Evanta Ventures and Sports Leadership Institute

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Leeds Equity Partners has signed an agreement to acquire Evanta Ventures and Sports Leadership Institute from DMG Events, a subsidiary of Daily Mail and General Trust. “Leeds Equity Partners is excited to partner with Bob Dethlefs and the management team at Evanta and Sports Leadership Institute,” said Jeffrey Leeds, President and Co-Founder of Leeds Equity Partners. “Through exceptional vision and hard work, Bob and his team have built a differentiated platform with which to engage and support senior executives in business and sports.”

Evanta is a producer of 80 leadership forums and provides educational services for executives in the functional areas of technology, security, human resources, finance, and healthcare. Evanta provides leadership development programs in partnership with MIT Sloan School of Management, University of Texas McCombs School of Business, University of Chicago Booth School of Business and UC Berkeley Haas School of Business. The company was founded in 2003 and is based in Portland, OR (www.evanta.com).

The Sports Leadership Institute is a producer of forums for professional and collegiate sports team executives. The Global Sports Summit, Global Sports Management Invitational and Collegiate Sports Summit bring together owners, managers, athletic directors and other stakeholders within the professional and collegiate sports sectors. The company was founded in 2011 and is based in Portland, OR (www.globalsportssummit.com) (www.gsminvitational.com).

“Our entire team looks forward to working closely with Leeds Equity to continue to serve our existing communities as well as developing new platforms and offerings,” said Evanta’s Founder and CEO, Bob Dethlefs. “Leeds Equity not only has the resources, but also the insights and industry relationships to enable Evanta to pursue initiatives that will accelerate our growth going forward. We are proud to join a renowned industry leader in the education and information services industries. This is a bold new future that will enable us to go beyond the realm of possibility.”

 Leeds Equity Partners manages the largest private equity fund in the United States focused on investments in the education, training and business services industries. Founded in 1993, the firm has raised and managed over $1 billion of committed capital and invested in more than 20 companies. The firm is located in New York, NY (www.leedsequity.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-20-12

Camden Partners Acquires New Horizons

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New Horizons Worldwide, an IT training company, today announced that it has entered into an agreement under which it will be acquired by NWHW Holdings, a newly formed entity backed by Camden Partners. Total enterprise value of the transaction is approximately $56 million. Camden Partners is a current shareholder of New Horizons Worldwide. The transaction is currently expected to close in the fall of 2012.

Earle Pratt, New Horizons’ President and Chief Executive Officer, and other members of the senior management team will continue in their roles with the company after the completion of the transaction.

With over 300 centers in 70 countries, New Horizons Worldwide is the world’s largest IT training company. New Horizons offers a range of technology, applications, and business skills training from basic application and desktop productivity tools to complex and integrated business systems. New Horizons is certified as a Microsoft Partner with a Gold Learning competency, Cisco Partner for Learning Solutions, CompTIA Authorized Partner, and VMware Authorized Training Center. The company is based in Conshohocken, PA (www.newhorizons.com).

“New Horizons has greatly benefited from the support of Camden Partners since its initial investment in 2005. We are excited that Camden Partners and its investment group are strengthening and deepening this support to help us ensure that New Horizons continues to be the leading global IT training company,” said Mr. Pratt.

Camden Partners invests in lower to middle market companies in the targeted sectors of education, healthcare, and technology-enabled business services. The firm was founded in 1995 and is based in Baltimore, MD ((www.camdenpartners.com).

“New Horizons has been an innovator in blended learning combining the benefits of flexible distance learning with the world’s largest network of IT training centers,” said David Warnock, Chairman of Camden Partners. “Camden Partners is especially excited to join with our new investors to help provide New Horizons the best possible support for its future growth.”

Signal Hill is acting as the exclusive financial advisor to New Horizons and has provided a fairness opinion to the Board of Directors of New Horizons in connection with the transaction. Avondale Partners is acting as financial advisor to Camden Partners.

Chicago Growth Partners Invests in Specialized Education Services

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Chicago Growth Partners has led the recapitalization of Specialized Education Services, (“SESI”) a provider of non-public, for-profit educational services for children with learning and behavioral difficulties in the K-12 market. Also investing Specialized Education Services were Prairie Capital, Twin Bridge Capital Partners and the company’s management team.

Proceeds from the transaction were used to refinance the company’s existing debt and pay a dividend to shareholders. The recapitalization was funded with excess cash from the company’s balance sheet and third party debt facilities that were structured to expand the capital available to support SESI’s growth plans. The company plans to extend its reach to new states and more students by opening new schools, acquiring existing non-public schools and partnering with more districts to manage special education and alternative education programs.

Specialized Education Services provides specialized education services in the K-12 market for children and youth facing learning, language, behavior and social challenges. The company serves over 3,000 students in several states, including Connecticut, Delaware, Maryland, Pennsylvania, Washington D.C., Illinois and California. The company is based in Yardley, PA (www.sesi-schools.com).

Chicago Growth Partners invests from $15 million to $75 million of equity in companies with revenues from $15 million to $150 million. The firm targets three primary sectors: education; business and consumer services; healthcare products and services; and industrial growth. CGP is currently investing its second fund, Chicago Growth Partners II with $500 million of capital commitments. The firm is based in Chicago, IL (www.cgp.com).